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International Business
Qualifications Necessary to Enter the Field Breaking into international business requires experience within particular industries - more than the knowledge of a foreign language, area studies, or international experience. Well established firms normally hire local staff, so the best opportunities in international business tend to be with small companies just starting to enter the international business arena or expanding to new locations. Small companies look for candidates with management and marketing skills. International business-related courses are recommended, as well as accounting, business finance, money and financial markets, statistics, micro- and macroeconomics and marketing. A framework of public policy, international trade, language and cultural fluency combined with business skills is an invaluable combination for those looking to work in international business. While firms are still willing to train qualified candidates who have no specific experience in their business, they are more interested in people who can be productive from their first day on the job, as training programs are being curtailed because they expensive both in terms of cost and time. If you can show experience in the company's business or sector, you will be in a stronger position. If you develop a relationship with people who make the hiring decisions in these companies, it will facilitate your chance of getting your foot in the door. "The Complete Guide to International Jobs and Careers" recommends that those interested in international business: 9 Attend a semester abroad program in Europe, Asia or Latin America which involves studying and interacting with the local international business community. 9 Acquire an internship with an international business that puts you at the heart of the international business community where you develop numerous contacts with individuals in many different businesses. Several companies, such as JPMorgan Chase, Salomon Brothers, IBM, Monsanto, United Technologies, General Electric, and Allied-Signal, have established internship programs. It is also possible to create your own "ad hoc" internship by contacting companies directly and selling them on the idea of letting you work for them as an unpaid or low-paid intern. 9 Have a thorough understanding of new communications technologies. The convergence of Internet-based and telephone technologies, notably wireless, has deep implications for all businesses. Issues such as confidentiality and privacy, cross-border intellectual property rights, and a host of efficiency improvements (e.g. voice-over IP telephony, or VoIP) are at the top of many CEO's lists. 9 Be able to understand and work across cultures: this area is one where students with international degrees are highly qualified. This is even more valuable to firms that have to do more and more business in new supra-national frameworks like the EU or WTO. Stress these elements in your background, and think of taking internships in areas which will increase your exposure to and awareness of other cultures, even if they are not directly related to the sector you eventually wish to work in. Sample Group of Employers American Express http://www.americanexpress.com American International Group http://www.aig.com Cargill http:// www.cargill.com Chubb & Sons http:// www.chubb.com CIGNA Corporation http://www.cigna.com Diageo http://www.diageo.com Dole Fruit Company http://www.dole.com Eli Lilly International Corporation http://www.lilly.com The Gillette Company http://www.gillette.com Hitachi, Ltd. http://www.hitachi.com
International Business
Honeywell, Inc. http://www.honeywell.com Johnson & Johnson http://www.jnj.com/home.htm Mattel, Inc. http://www.mattel.com Otis Elevator Company http://www.otis.com Pepsi-Cola International http://www.pepsico.com Philip Morris Companies Inc. http://www.philipmorrisusa.com/home.asp.com Procter & Gamble http://www.pg.com Reebok International http://www.reebok.com Thomas & Betts http://www.tnb.com Unisys Corporation http://www.unisys.com US Chamber of Commerce http://www.uschamber.com
Future Challenges of the Profession As the world becomes more of a global village and trade barriers are eased, there will be an increased need for personnel who can service an international clientele in terms of understanding international business and marketing, international law, and international trade and finance. As goods cross national borders with greater ease, negotiation and government regulation will increase the need for personnel with specialized expertise in international business ventures, financing techniques, and language skills. Although opportunities will multiply, competition will be high as Americans vie for international positions around the world with foreign nationals. Resources for Additional Information Internet Resources Careers in Business http://www.careers-in-business.com/ MBA Jungle http://mbajungle.com Hoovers http://www.hoovers.com Vault http://www.vault.com WetFeet http://www.wetfeet.com Publications Directory of Executive Recruiters, Kennedy Publications, 2002 Directory of Foreign Firms Operating in the United States, Uniworld Business Publishers; 9th edition, 1998. Or contact the US and International Chambers of Commerce. Discovering Your Career in Business, Timothy Butler and James Waldroop, Addison-Wesley Publishing Inc., 1997. International Business & Trade Directories, Grey House Publishing, 2003 Kiss, Bow, or Shake Hands: How to Do Business in Sixty Countries, T. Morrison, W. Conaway & G. Borden, 1994 Management Consulting: A Complete Guide to the Industry, Sugata Biswas and Daryl Twitchell, John Wiley & Sons Inc., Second Edition, 2002. Plunketts Energy Industry Almanac, Jack W. Plunkett, Plunkett Research, Ltd., 2002-2003. The Directory of American Firms Operating in Foreign Countries, World Trade Academy, 17th edition, 2003. The Directory of Business Information Resources, Grey House Publishing, 2003/2004 Edition. The Harvard Business School Guide to Careers in Management Consulting, HBS Publishing, 2001. Vault Career Guide to Venture Capital, O. Kaganovich & J. Currier, 2005
International Business